Successfully regulating cryptocurrencies is a difficult and long process for countries, as we've seen over the last few months. That's especially true when there are numerous regulatory bodies in a country that all want to take a different approach.

And, even as some countries like China clamp down on cryptocurrencies, companies are finding ways to bypass the bans. Now, Russia and the UK have yet again spoken out about their stance on the asset class:

Russia.The country's Finance Ministry has been working on regulations for cryptocurrency transactions that would also extend to initial coin offerings (ICOs). The government stance on cryptocurrencies is ever-changing in Russia, with the Finance Ministry previously planning to make cryptocurrencies illegal back in 2014, and other government bodies continuously voicing concerns. Having regulations in place would allow Russia to tax cryptocurrencies, while also likely reducing the risk of fraud.

The UK. At the World Economic Forum's annual meeting in Davos, UK Prime Minister Theresa May spoke out about cryptocurrencies, urging governments to take them very seriously. Additionally, she said companies involved with cryptocurrencies should focus on the issue of social responsibility, especially in terms of terrorism financing. This is in line with previous warnings by UK regulators on cryptocurrency-related activities.

Regulating cryptocurrencies instead of banning them is likely going to be a good approach. It seems that governments have now woken up to both the opportunities and the threats of cryptocurrencies, and are now looking to regulate them in a way that affords them both benefits from the taxes, while also preventing illegal activity such as money laundering. However, Russia especially has been very indecisive when it comes to its stance on cryptocurrencies, and it remains to be seen whether this will be its final approach.